IRAs: Auditing and Compliance

Patrice Konarik

Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Patrice has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Part IV - IRA Audit of Files - What do we keep and what can we trash?

After we have shut down the IRA merry-go-round, it’s time to check everything we – and those who came before us – have done to the IRA files. Increased IRS Penalties for Incorrect IRA Reporting to the IRS!! The IRS is losing patience – especially with financial institutions who do not complete the IRA 1099-R and 5498 IRS forms correctly. The Treasury Inspector General for Tax Administration (TIGTA) estimates over a million dollars in additional taxes could be collected on IRA distributions that have not been taken. When the IRS actually contacted IRA accountholders who were noncompliant in taking their RMDs in 2011-2012, they discovered almost 16% indicated the information on their 5498 from their IRA custodian/trustee was incorrect. Do you know what that means? The IRS is increasing penalties to the financial institutions if they file incorrect 1099-R and 5498 reporting. If you do not want your financial institution writing checks to the IRS for filing errors, this webinar should be a true necessity!!

Covered Topics

What are the IRA accountholder notices that must be sent out in a timely manner

How to audit the IRA department as far as expertise, form use, procedures and work flow

Line by line instructions on 5498 and 1099-R reporting – what’s required vs. what’s optional.

How and when to correct IRS reporting to avoid increased IRS fines to the financial institution

The most common errors hiding in your IRA customer files

Forms and tools for auditing your IRA files

2020 IRA Cost of Living Adjustments

This is Part IV of a four-part series. You can attend all the sessions to obtain the most comprehensive information or any part in the series independently.

You are encouraged to bring a sample of the IRA forms your financial institution is currently using for your review during the session including: IRA Distribution forms, Annuals Notices and any other forms you may have questions on – including a copy of the 1099-R and 5498 forms you are using

Who Should Attend?

This is very important for those who answer examiners questions and have to do corrective IRS reporting attend – including IRA personnel in New Accounts, CDs, Trust, and Investments, and auditors who are involved with the operation, administration or internal auditing of IRA accounts will benefit greatly from the thorough discussions of the file and reporting requirements. The content is at the intermediate to advanced level with a minimum of two years’ experience recommended. It is assumed that participants have a working knowledge of IRAs.

"I highly recommend this webinar. The presenter was very knowledgeable and easy to understand, provided the information I needed, answered my questions and love the cheat sheets!" -Koni S., Rabobank

"Nice to hear from someone who actually has had hands-on experience with banking day-to-day operations and not just textbook-training." -Kay I.

"I have attended many of Patrice's live seminars, she is a great trainer and is so knowledgeable on the IRA products." -- Rhonda Prasifka, Citizens State Bank

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